Exhibit 12.1
W.P. CAREY INC.
RATIO OF EARNINGS TO FIXED CHARGES CALCULATION
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| Nine Months Ended |
| Years Ended December 31, |
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(Dollars in thousands) |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
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Income from continuing operations before income taxes |
| $ | 221,799 |
| $ | 222,848 |
| $ | 230,360 |
| $ | 95,237 |
| $ | 94,286 |
| $ | 190,255 |
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Fixed charges |
| 141,507 |
| 196,991 |
| 180,689 |
| 110,179 |
| 52,193 |
| 23,625 |
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Less: Equity in earnings of equity method investments |
| (48,243 | ) | (51,020 | ) | (44,116 | ) | (52,731 | ) | (62,392 | ) | (51,228 | ) | ||||||
Distributed income of equity investments |
| 48,303 |
| 51,435 |
| 42,809 |
| 42,554 |
| 45,121 |
| 51,538 |
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Amortization of capitalized interest |
| 11 |
| — |
| — |
| — |
| — |
| — |
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Net income attributable to noncontrolling interests that have not incurred fixed charges |
| (5,220 | ) | (6,235 | ) | (4,619 | ) | (3,847 | ) | (1,319 | ) | (2,735 | ) | ||||||
Earnings |
| $ | 358,157 |
| $ | 414,019 |
| $ | 405,123 |
| $ | 191,392 |
| $ | 127,889 |
| $ | 211,455 |
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Interest expense |
| $ | 139,496 |
| $ | 194,326 |
| $ | 178,462 |
| $ | 108,193 |
| $ | 50,709 |
| $ | 22,366 |
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Capitalized interest |
| 264 |
| 329 |
| 163 |
| — |
| — |
| — |
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1/3 of rental expense - interest factor |
| 1,748 |
| 2,336 |
| 2,064 |
| 1,986 |
| 1,484 |
| 1,259 |
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Fixed Charges |
| $ | 141,508 |
| $ | 196,991 |
| $ | 180,689 |
| $ | 110,179 |
| $ | 52,193 |
| $ | 23,625 |
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Ratio of Earnings to Fixed Charges |
| 2.53 |
| 2.10 |
| 2.24 |
| 1.74 |
| 2.45 |
| 8.95 |
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